UPDATE 1-Samudra Energy looks to raise up to $223 mln in Singapore IPO-term sheet

Thu Jul 24, 2014 9:14pm EDT

(Adds detail on cornerstones, background on IPO revival)

July 25 (Reuters) - Samudra Energy Ltd, which owns gas and oil interests in Indonesia, is seeking to raise S$248 million to S$276.3 million ($223 million) in an initial public offering in Singapore, according to a term sheet seen by Reuters.

The deal is a sign of some revival in Singapore's IPO market, which in January-June saw the slowest start to a year in terms of amounts raised since the first half of 2012.

On Thursday, Accordia Golf Trust, backed by golf courses in Japan, said it would raise about $612 million in a stock market listing in Singapore after pricing the sale at S$0.97 a unit, the lower end of an earlier indicative price range.

Samudra is selling about 131 million shares, excluding the greenshoe option, at an indicative price range of S$1.89 to S$2.11 a share, the term sheet said.

Samudra Energy is part of private equity firm Northstar Group, which focuses on Indonesia and Southeast Asia.

Caprice Capital International Ltd, Guoline Capital Ltd, Funds managed by OCP Asia (Hong Kong) Limited and Sky Trinity Investments Ltd have agreed to buy 30 percent of the total IPO offering as cornerstone investors, the sheet said.

The company filed a prospectus on Thursday night, which did not provide pricing details.

Credit Suisse and Nomura 9716.T are the joint global co-ordinators and bookrunners with CIMB.

($1 = 1.2400 Singapore Dollars) (Reporting by Ngui Yantoultra and Saeed Azhar; Editing by Stephen Coates)